EU chief Guy Verhofstadt dismissed Brexit as a 'stupid Tory catfight' today as he predicted we will eventually slink back into the Brussels club.

The European Parliament's chief negotiator delivered the snub to the historic referendum outcome as MEPs endorsed his hard line in the looming talks.

Giving their first response since Theresa May triggered Article 50 last week during a debate in Strasbourg, politicians queued up to make clear the UK must submit to a potentially huge divorce payment before a trade deal can be done, and insisted there will be no 'cherry picking'.

But Nigel Farage lashed back during the fiery debate accusing MEPs of behaving like the 'mafia'.

Guy Verhofstadt said the Brussels club transformed Britain from the 'sick man' of Europe into a thriving economy

Delivering its first response since Theresa May triggered Article 50 last week, The European Parliament insisted UK will have to submit to a potentially huge divorce payment before a trade deal can be done

Despite efforts by Ukip MEPs to water it down, the tough negotiating stance was comfortably passed by 560 votes to 133.

Mr Verhofstadt said the Brussels club had transformed Britain from the 'sick man' of Europe into a thriving economy.

'There will be, one day or another, a young man or woman who will try again, who will lead Britain again into the European family once again, and a young generation that will see Brexit for what it really is - a cat-fight in the Conservative Party that got out of hand, a loss of time, a waste of energy and a stupidity," the former Belgian prime minister said.

He added: 'Let’s not forget: Britain entered the union as the ‘sick man of Europe’ and - thanks to the single market - came out of the other side.

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'Europe made Britain also punch above its weight in terms of geopolitics, as in the heydays of the British empire.

'And we from our side must pay tribute to Britain’s immense contributions: a staunch, unmatched defender of free markets and civil liberties. Thank you for that. As a liberal, I tell you, I will miss that.'

THE EU PARLIAMENT'S KEY DEMANDS FOR BREXIT TALKS

There must be no discrimination against EU citizens in the UK before Britain officially quits.

The principles of the divorce settlement must be agreed before talks can begin on a future trade deal.

Future security relationships cannot be linked to economic ties.

The UK must not be allowed to 'cherry pick' EU benefits such as good access to the single market or customs union.

The Northern Irish peace process must continue and no hard border with the Irish Republic established.

MEPs can effectively veto any Brexit deal as they will vote on it after national leaders have given assent.

Manfred Weber, chairman of the powerful EPP group and a close ally of Angela Merkel, set the tone for the debate in Strasbourg today by criticising how long the UK had taken to trigger Article 50.

'It took nine months to write a letter of six pages,' he said.

Mr Weber made clear there could be no compromise on the schedule for the talks - despite Theresa May's call for the divorce settlement and trade talks to take place in parallel.

'First the divorce, then the future treaty,' he said. 'I fear London thinks that we find a perfect deal and that means we take the positive points and we leave the negative points... cherry picking will not happen.'

Mr Weber said there could be no doubt that the UK 'will be excluded' from key decisions in the bloc.

'The UK is walking out of all these decisions. The UK has to accept the fact that there will be a tough negotiation position on the EU side,' he said.

Mr Farage was rebuked by the chair after comparing the behaviour of the bloc to the 'mafia'

Despite the intense clashes during the debate, Nigel Farage and EU commission president Jean-Claude Juncker still managed to share a laugh

The EU's chief Brexit negotiator Michel Barnier insisted failure to reach a deal would be more damaging for the UK.

'No deal would have very serious consequences, first and foremost for the United Kingdom, but also for the European Union,' he said.

'The "no deal" scenario is not the scenario we are looking for. We are looking for success - success not against the United Kingdom, but with the United Kingdom.'

Mr Farage sparked howls of protest and a rebuke from the chair by accusing the bloc of behaving like the 'mafia' - before changing it to 'gangsters' in recognition of 'national sensitivities'.

'I’m sorry to say that the response to the triggering of article 50 has been all too predictable,' he said.

'Already you have made a series of demands that are not just unreasonable but, in some cases, clearly impossible for Britain to comply with.

'You began by telling us that we have to pay a bill, a cool £52billion, a figure that has clearly been plucked out of the air, effectively a form of ransom demand.

'You are behaving like the mafia. You think we are a hostage. We are not. We are free to go.'

He added: 'You have shown yourself with these demands that you are vindictive and nasty. All I can say is thank goodness we are leaving.'

The resolution insists Britain must meet all its financial obligations to the bloc, which some estimates have put as high as £56 billion.

It also makes clear there can no trade-off between security and the future economic relationship between the EU and UK.

No cherry-picking of EU membership will be allowed, according to the resolution, with access to the single market only permitted if the UK accepts free movement of workers.

The Northern Irish peace process must continue and no hard border with the Irish Republic established, according to the resolution.

The resolution also insists that any deal on future EU-UK trade arrangements be delayed until after Britain's withdrawal, and for a transitional period to a new trade deal to last no more than three years after the expected date of Brexit in 2019.

Manfred Weber, chairman of the powerful EPP group and a close ally of Angela Merkel, set the tone for the debate today by criticising how long the UK had taken to trigger Article 50

Mr Farage was clearly enjoying himself as he taunted his fellow MEPs over Brexit

The resolution suggests Britain could be offered 'association' status similar to that enjoyed by Ukraine, and rules out the UK engaging in any trade deals with third countries ahead of withdrawal, or conducting talks with EU states on a bilateral basis.

The session comes after Prime Minister Theresa May said curbs on freedom of movement would not come into force straight after Britain has quit the European Union.

Speaking during a trip to Saudi Arabia, Mrs May said there would be an 'implementation' phase once a deal had been struck, with business and governments needing a 'period of time' to adjust to the new rules.

'In terms of the deal that we negotiate and the arrangements that will come there, what we have talked about, you've used the phrase transitional phase; I have used the phrase implementation period,' Mrs May said.

'If you think about it, once we've got the deal, once we've agreed what the new relationship will be for the future, it will be necessary for there to be a period of time when businesses and governments are adjusting systems and so forth, depending on the nature of the deal - but a period of time when that deal will be implemented.

The session of the European Parliament to debate the negotiating terms was held in Strasbourg today